US and China extend trade truce to Jan. 10 and preserve Busan terms

Treasury Secretary Scott Bessent said the United States and China extended their trade truce to January 10, 2027, keeping the Busan arrangement intact as leaders pursue wider talks.

Deadline moved to Jan 10

Bessent announced the two-month extension on September 23 after meeting Chinese Vice Premier He Lifeng; the existing arrangement had been set to expire on November 10. He said the extension preserves the commitments reached in Busan, South Korea, while negotiators assess whether they can conclude a broader deal.

Bessent told an interview that Beijing was meeting its commitment to purchase 25 million tonnes of US soybeans but was falling short on a separate pledge covering other American agricultural products. He did not commit to completing a larger agreement by the new deadline, and said Washington remained open either to continuing the current arrangement or to adopting a broader pact.

Officials said the trade talks are being held alongside discussions on artificial intelligence, including proposals for a formal communications channel to handle serious AI incidents. Chinese President Xi Jinping, on arrival for a state visit that includes talks in Washington, said in a statement: "The two countries should be partners, not adversaries."

Officials said the immediate effect is to remove the November expiry as a near-term rupture point; the key date to watch is January 10, 2027, when the truce will lapse unless leaders agree otherwise.